|
|
|
| Cross-listings, Growth Opportunities and Dividend Policy:A Test Based on Government Intervention Hypothesis |
| QIN Jiaqi, SHAO Xinjian, XIAO Lisheng
|
School of Business, Nankai University;
School of International Trade and Economics, University of International Business and Economics;
Institute of World Economics and Politics,Chinese Academy of Social Sciences |
|
|
|
|
Abstract Although bonding hypothesis which is prevailing in the research area of cross-listings has received a great many tests, it is necessary to further investigate whether it is applied to the cases of non-US countries or areas. Based on the historical context of Chinese H+A cross-listings and hypothesis of government intervention, we confer that H+A companies have lower growth opportunities, less dividend pay-out ratio, and lower willingness of dividend payment, due to greater intervention from government. With 5602 observations of unbalanced panel data from 2007 to 2014, the empirical results support our hypothesis completely. Even after controlling the problem of sample selection bias and endogeneity with the methods of treatment effect model, bivariate probit model, propensity score matching, and bias-corrected matching, our results remain robust. Further investigation also shows that H+A companies have greater likelihood to over-invest, lower sensitivity between compensation of top 3 board directors and firm performance, and lower sensitivity between CEO turnover and performance, which strengthens the government intervention hypothesis that serves as the foundation of this paper.
|
|
Received: 06 April 2015
Published: 01 January 1900
|
|
|
|
|
| [1] |
程子健和张俊瑞,2015,《交叉上市、股权性质与企业现金股利政策——基于倾向得分匹配法(PSM)的分析》,《会计研究》第7期,第34~41页。
|
| [2] |
孔宁宁和闫希,2009,《交叉上市与公司成长——来自中国“H+A”股的经验证据》,《金融研究》第7期,第134~145页。
|
| [3] |
潘红波、夏新平和余明桂,2008,《政府干预、政治关联与地方国有企业并购》,《经济研究》第4期,第41~52页。
|
| [4] |
潘越,2007,《中国公司双重上市行为研究》,北京:北京大学出版社。
|
| [5] |
覃家琦和邵新建,2015,《交叉上市、政府干预与资本配置效率》,《经济研究》第6期,第117~130页。
|
| [6] |
覃家琦和邵新建,2016,《中国交叉上市公司的投资效率与公司价值——绑定假说还是政府干预假说？》,《经济学(季刊)》第3期,第1137~1176页。
|
| [7] |
覃家琦、邵新建和赵映雪,2012,《双重上市、IPO抑价与大规模融资行为——来自中国IPO的证据》,《金融研究》第3期,第193~206页。
|
| [8] |
肖珉和沈艺峰,2008,《跨地上市公司具有较低的权益资本成本吗？——基于“法与金融”的视角》,《金融研究》第10期,第93~103页。
|
| [9] |
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. “How Does Financial Reporting Quality Relate to Investment Efficiency?” Journal of Accounting and Economics, 48(2-3): 112~131.
|
| [10] |
Chen, S., Z. Sun, S. Tang, and D. Wu. 2011. “Government Intervention and Investment Efficiency: Evidence from China”. Journal of Corporate Finance, 17: 259~271.
|
| [11] |
Coffee, J. 1999. “The Future as History: The Prospects for Global Convergence in Corporate Governance and its Implications”. Northwestern University Law Review, 93: 641~707.
|
| [12] |
Coffee, J. 2002. “Racing Towards the Top? The Impact of Cross-listings and Stock Market Competition on International Corporate Governance”. Columbia Law Review, 102(7): 1757~1832.
|
| [13] |
Doidge, C., G. A. Karolyi, and R. M. Stulz. 2004. “Why Are Foreign Firms Listed in the U.S. Worth More?” Journal of Financial Economics, 71: 205~238.
|
| [14] |
Ke, Bin, O. Rui, and W. Yu. 2012. “Hong Kong Stock Listing and the Sensitivity of Managerial Compensation to Firm Performance in State-controlled Chinese Firms”. Review of Accounting Studies, 17(1): 166~188.
|
| [15] |
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 1997. “Legal Determinants of External Finance”. Journal of Finance, 52(3): 1131~1150.
|
| [16] |
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 1998. “Law and Finance”. Journal of Political Economy, 106(6): 1113~1155.
|
| [17] |
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 2000. “Agency Problems and Dividend Policies around the World”. Journal of Finance, 55(1): 1~33.
|
| [18] |
Lel, U., and D. P. Miller. 2008. “International Cross-Listing, Firm Performance, and Top Management Turnover: A Test of the Bonding Hypothesis”. Journal of Finance, 63(4): 1897~1937.
|
| [19] |
Rhodes-Kropf, M., D.T. Robinson, and S. Viswanathan. 2005. “Valuation Waves and Merge Activity: The Empirical Evidence”. Journal of Financial Economics, 77: 561~603.
|
| [20] |
Richardson, S. 2006. “Over-investment of Free Cash Flow”. Review of Accounting Studies, 11:159~189.
|
| [21] |
Shleifer, A., and R. W. Vishny. 1994. “Politicians and Firms”. Quarterly Journal of Economics, 109: 995~1025.
|
| [22] |
Shleifer, A., and R. W. Vishny. 1998. “The Grabbing Hand: Government Pathologies and their Cures.” Cambridge, Mass: Harvard University Press.
|
| [23] |
Smith, C. W., and R. L. Watts. 1992. “The Investment Opportunity Set and Corporate Financing Dividend, and Compensation Policies”. Journal of Financial Economics, 32(3): 263~292.
|
| [24] |
Stultz, R. 2005. “The Limits of Financial Globalization”. Journal of Finance, 60(4): 1595~1638.
|
| [25] |
Stulz, R. 1999. “Globalization, Corporate Finance and Cost of Capital”. Journal of Applied Corporate Finance, 12: 8~25.
|
|
|
|
